HSBC is in line to finance a $10bn (£7.4bn) revolving credit facility to one of the world's biggest polluters, the Saudi Arabian Oil Company, or Saudi Aramco, despite the bank's commitment to 'net zero emissions by 2050'.

HSBC's latest venture in the Middle Eastern kingdom, in partnership with Standard Chartered, is likely to draw scrutiny from investors, shareholders and environmental groups as the firm is intensifying its relationship with Saudi Arabia's national oil company.

Saudi Aramco, the world's single biggest polluting company, has plans to increase its production of oil and gas equivalent to 27bn tonnes of carbon dioxide by 2030 , 4.7 per cent of the entire world's carbon budget to stay under 1.5ºC.

Since 1965, Aramco is believed to be responsible for four per cent of the entire world's greenhouse gas emissions.

HSBC was the only global bank playing a lead role in arranging Saudi Aramco's initial public offering (IPO) on the Saudi Stock Exchange.

(c) 2022 City A.M., source Newspaper